MUMBAI, April 22, 2026, 19:43 IST
Indian equities ended lower Wednesday, breaking a three-day winning streak as HCLTech’s disappointing growth forecast dragged tech names and traders digested jitters around the U.S.-Iran ceasefire. The Nifty 50 slipped 0.81% to 24,378.10, with the BSE Sensex down 0.95% at 78,516.49.
This shift snapped the market’s brief recovery, refocusing attention on the risk that trouble in one of the benchmark’s largest sectors could ripple out. Banks make up about 35% of the Nifty 50, leaving traders closely tracking whether lenders can hold the index above 24,000 while IT loses ground.
Negative sentiment set in ahead of the opening bell. GIFT Nifty futures, flagging direction for the Nifty 50, dropped 0.84% to 24,369 by 6:20 a.m. IST, NDTV Profit reported. Asian equities slipped 0.5% later on, with Brent crude circling $99 a barrel as jitters resurfaced over the fragile Iran truce.
HCLTech dragged the market lower, plunging 10.7%—its steepest drop in over ten years—after laying out a softer revenue outlook for fiscal 2027. “Business environment remains highly fluid,” CEO C Vijayakumar warned, pointing to project reductions from two clients in the Americas that may shave around 0.5% off annual growth. At least six brokerages slashed their price targets, and Jefferies handed down a downgrade. Reuters
The selloff slammed the entire sector. Infosys dropped 3.4%, with Tata Consultancy Services losing 3%, dragging the Nifty IT index down 3.9%. Tech Mahindra managed to top quarterly revenue forecasts, helped by solid manufacturing and BFSI results, but shares still slipped roughly 2.5% amid the wider decline. “They have done well,” said Piyush Pandey at Yes Securities, noting muted expectations. Reuters
No broad capitulation here. Nine out of the 16 main sectors ended higher. Small-caps jumped 1.1%, mid-caps edged up 0.2%. Most of the selling pressure landed on the largest index names. Shares of ABB India climbed 4.6% after its parent, ABB, posted a 26% surge in India orders. Big financials, though, lost 0.8%.
Lenders are in the spotlight now. Amit Goel at PACE 360 says Bank Nifty “holds the key” for the wider market, and he doesn’t see the Nifty 50 cracking 24,000 as long as Bank Nifty remains above 56,000. Shrikant Chouhan of Kotak Securities pegs 24,500 as “an immediate support zone” and warns that a close under 24,300 would flip the picture negative. mint
Oil and geopolitics could quickly move from background to center stage. Roughly 20% of the world’s oil and LNG pass through the Strait of Hormuz, and new flare-ups there nudged Brent crude near the $100 mark on Wednesday. A fresh surge in crude—paired with banks tumbling alongside IT—would make the 24,000 level a tougher line to defend. Flip the scenario: steadier banks and fewer headline shocks might give the market some breathing room.
Wednesday’s drop isn’t just about a single name, but it hasn’t turned into full-blown selling across the board either. Technicians had drawn a line at 24,500, and the benchmark has already slipped under that. Now, 24,300—then 24,000—are the levels traders will be watching for the next move.
